$275,575 $750 $5,250 $6,000 $269,575 $125,500 $144,075 Phase #1 Be Prepared, Inc.'s Income Statemrnt For the Month Ended January 2021 Revenue Sales Less: Sales Discount Sales Return and Allowances Net sales Cost of goods sold Gross Profit Selling Expense B Supplies Expense 4 Depreciation Exp: Store Eq 5 Sales Salaries Expense 6 Sales Payroll Tax Expenses 7 Utilies Expense 18 Repairs Expense 19 Bad Debts Expense 20 General and Administrative 21 Insurance Expense $2,400 $800 $20,000 $5,600 $1200 $750 $2,000 $32,750 $300 Calibri - - B 2 U V $300 $2,100 $9,000 $2,500 $1,100 $25,000 $7,000 $800 $1,500 $49,300 $50 ($6,500) 1 Insurance Expense 2 Repairs Expense 3 Depreciation Exp: Building -4 Depreciation Expense: Office Eq 5 Utilies Expense 26 Office Salaries Expense 27 Office Payroll Tax Expense 28 Amortization Expense: Pat 29 Delivery Expense 30 Others Income & Expense 31 Interest Revenue 32 Interest Expense 33 Income Before Tax 34 Income tax expenses 35 Net Income 36 Be Prepared, Inc.'s 37 Statement of Retained Earnings 38 For the Month Ended January 2021 39 Retained earnings (beginning of the year) 40 Add/Less: Net income/loss 41 42 Less: Dividends 43 Retained earnings (end of the year) ($6,500) $55,575 $0 $55,575 $850 $55,575 $56,425 $25,000 $31,425 Sheet1 $275,575 $750 $5,250 $6,000 $269,575 $125,500 $144,075 Phase #1 Be Prepared, Inc.'s Income Statemrnt For the Month Ended January 2021 Revenue Sales Less: Sales Discount Sales Return and Allowances Net sales Cost of goods sold Gross Profit Selling Expense Supplies Expense 4 Depreciation Exp: Store Eq 5 Sales Salaries Expense 6 Sales Payroll Tax Expenses - 7 Utilies Expense 18 Repairs Expense 19 Bad Debts Expense 20 General and Administrative 21 Insurance Expense $2,400 $800 $20,000 $5,600 $1200 $750 $2,000 $32,750 $300 Calibri - - B 2 U V $300 $2,100 $9,000 $2,500 $1,100 $25,000 $7,000 $800 $1,500 $49,300 $50 ($6,500) 1 Insurance Expense 2 Repairs Expense 3 Depreciation Exp: Building -4 Depreciation Expense: Office Eq 5 Utilies Expense 26 Office Salaries Expense 27 Office Payroll Tax Expense 28 Amortization Expense: Pat 29 Delivery Expense 30 Others Income & Expense 31 Interest Revenue 32 Interest Expense 33 Income Before Tax 34 Income tax expenses 35 Net Income 36 Be Prepared, Inc.'s 37 Statement of Retained Earnings 38 For the Month Ended January 2021 39 Retained earnings (beginning of the year) 40 Add/Less: Net income/loss 41 42 Less: Dividends 43 Retained earnings (end of the year) ($6,500) $55,575 $0 $55,575 $850 $55,575 $56,425 $25,000 $31,425 Sheet1 you De Su Te Phase #4 Prepare the following Ratios for January 2021: 1. Current Ratio 2. Acid-Test Ratio 3. Debt Ratio 4. Profit Margin Ratio 5. Gross Margin Ratio Be Prepared Inc. Comparative Balance Sheet December 2020 and January 2020 December, 2020 $74,800.00 $40,000.00 Assest December 2020 January, 2020 $25,000.00 $30,000.00 $7.500.00 $12.500.00 S5.500.00 $175.000,00 $325,000.00 S50,000.00 SI50,000.00 Accounts Receivable Allowance for doubtful accounts Interest Receivable Notes Receivable Merchandise Inventory Stores Supplies Office Supplies Prepaid Insurance Land Building Accumulated Depreciation Building Office Equipment Accumulated Depreciation, Onice Equipment Store Equipment Accumulated Depreciation, Store Equipment January, 2020 Liabilities $421,615.00 Accounts Payable S25.000,00 Income Taxes Payable S540,00 Interest Payable $100.00 Notes Payable Long-term SI5.000.00 $7,200,00 Mortgage Payable $8.000,00 Bonds Payable $500.00 Discount on Hends Payable S1.600.00 Total Liabilities $375,000.00 Stockholders' Equity $500,000.00 Preferred Srock -$72.000,00 Treasury Stock $70,000.00 Common Stock -517.500.00 Paid in capital in excess of par: Preferred $95.000,00 Paid in capital: Treasury SI5.0000 Paid in capital in excess of par: Common 565.000,00 Retained Earnings Total Stockholders' Equity $375,000.00 SIO 500.00 5737,500.00 S1.500.00 $3.000.000 $125,000.00 5400,000.00 -$63,000.00 $70,000.00 -$15.000.000 S357.500.00 $32.500.00 SIIS.000.00 561.250,00 S210,000.00 -$90,000.00 SI 20.000.00 561,250,00 $90.00000 $295.000.000 SR50,00 S67.100.00 $75,000.00 $15,000.00 $200,000.00 $65,800.00 525.000 $454.600.00 ADDITIONAL FUNDS REQUIRED $1,480,175.00 Total Liabilities and Stockholders' Equity Total Assets 5812,100.00 5812,100.00 S1.424.000 *** On the assets side of the balance sheet prepared based on the adjusted shortage is classified as "Additional Funds Required
